RBI cancels licence of 4 NBFCs and 7 other surrender licence

The Reserve Bank Of India (RBI) has cancelled the certificate of registration of the four Non-Banking Financial Companies (NBFCs) and seven other Maharashtra-based non-banking financial companies (NBFCs) have surrendered their registration certificates.

RBI cancelled their certificates in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934

The NBFCs whose certificate of registration were cancelled include :-
  1. Kolkata based – M/s Neelanjali Engineering Private Limited
  2. Kolkata based – M/s Novoflex Tradecom Private Limited
  3. Mumbai based – M/s Guide Investments and Trading Co. Pvt. Ltd
  4. Pune based – M/s Enol Ventures Private Limited

Apart from this, seven Maharashtra-based Non Banking Financial Institutions have surrendered their registration certificates following which they won’t be allowed to transact their financial business
These include :-
  1. M/s V.H Doshi & Sons Investment Pvt. Ltd.
  2. M/s Vinodchandra Doshi Investment Co Private Limited
  3. M/s Samarth Doshi Investment Co. Private Limited
  4. M/s Echjay Overseas Trades Private Limited
  5. M/s Hari Mahavin Investment Private Limited
  6. M/s Baroda Industries Private Limited
  7. M/s Eureka Finvest Private Ltd.
So let’s discuss some questions related to this post :
1. Name the organization which has cancelled the licence of 4 NBFCs and 7 other have surrender their licence to it ?
2. Expand the term NBFC ?

Courtesy : Money Control


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